Net Exports Grow to $183Bln

The country's trade surplus grew to $182.8 billion in the first 10 months as the world's biggest oil and gas exporter benefited from energy sales, the Federal Customs Service said.

The surplus was $62.2 billion more than in the same period last year, it said Monday. Exports totaled $409.4 billion against imports of $226.6 billion.

Energy, including crude oil and natural gas, accounted for 73 percent of exports to the Baltics and countries outside of the former Soviet Union, from 67.8 percent in the same period last year, the statement said.

Machinery and other manufactured equipment make up the largest share of the country's imports, weighing in at 56.3 percent, slightly up from last year's 53.6 percent, the customs office said.

The monthly volume of exports increased from $34.3 billion in January to $46.9 billion in July.

But since summer, the monthly trade surplus has fallen from $45.4 billion in August to $38.6 billion in October on the back of plummeting oil prices, which have seen the price of the country's Urals blend crude fall from its height in July at $147.50 per barrel down to $38.29 last week, Interfax reported.

Russia's biggest trade partner is the European Union, and trade between the two made up 52.3 percent of the country's commercial exchange, up from 51.3 percent.

(Bloomberg, MT)